Ferrari Electric Car Luce Sells Out For 2027 Despite Early Criticism

Ferrari says its first electric car, the Luce, is fully booked out for its entire 2027 production run. CEO Benedetto Vigna confirmed the strong demand during a earnings call, stating that buyers now face a one-year wait for the vehicle. The five-seater electric car was designed by former Apple design chief Jony Ive. When the car debuted in May, it faced heavy criticism and mockery, which briefly caused Ferrari's stock price to drop. Despite the early backlash, the car's high price starting at about $615,000 has not slowed down orders. Ferrari has not publicly revealed the exact number of Luce vehicles it plans to build. However, a previous media report from the Financial Times estimated production goals of under 500 units for this year and a target of 2,500 units total by 2030. Vigna did not share details about who the buyers are, but noted that the customer base shows a good mix in terms of geography and client profiles.

Context

Luxury car makers often rely on limited production runs and high levels of personal customization to drive strong financial returns even when introducing controversial new models. Ferrari continues to see robust overall financial growth fueled by its existing vehicle lineup and custom options. The company recently raised its full-year earnings expectations following a profitable third quarter.